CHENNAI: South Chennai is witnessing a steady growth when it comes to residential real estate market. Many experts believe that it continues to dominate across Chennai as a hub for residential development. A report by Knight Frank India shows that Pallikaranai and Medavakkam are two localities in South Chennai that can be considered as hotspots for residential investment and going forward, can get noticeable appreciation.

So, what is driving the real estate growth in these two localities? The fast developing infrastructure, presence of IT companies in the neighbourhood, good connectivity through Grand Southern Trunk (GST) Road, proximity to Old Mahabalipuram Road (OMR), premium office space, access to social infrastructure, planned development and land availability are few reasons responsible for the growth of the area.

“South Chennai on an average has seen a 20 per cent appreciation in the last one year,” says Vignesh Chander Proprietor, Ekadanth Homes, a property consultant from the city.

Currently, the average capital values of apartments in South Chennai areas vary between Rs 5,500-10,500 per sq ft depending upon the location and facilities, as projected by Magicbricks.com data.

Pallikaranai and Medavakkam have been in high demand for residential space across South Chennai owing to accessibility and connectivity to other major parts of the city. Infrastructure development such as extension of Mass Rapid Transit System (MRTS), enhancement of road connectivity to GST and the proposed monorail project are boosting the realty market of the area.
Apart from this, Pallikaranai and Medavakkam are about 12 km from the Chennai International Airport through the Pallavaram-Thuraipakkam Road. Also, the Chrompet Railway Station is situated about 9 km through the hassle-free Velachery-Tambaram High Road.

“The areas are adjacent to suburbs of Sholinganallur, Madipakkam, Selaiyur, Keelkattalai, Velachery and Tambaram and are in the middle of the developing suburbs like Ponmar, Ottiyambakkam and Sithalapakkam. The high profile educational institutes and hospitals such as St Johns and Global Hospital are also situated in and around the area,” says Shijeesh, a local realtor from Nest Trust Promoters.

So, who is buying? The IT/ITeS and automotive sectors are the driving factors for Chennai’s realty growth. Saurabh Kumar, Owner, Dhand Properties says, “Pallikaranai and Medavakkam are seeing transactions from young IT professionals working in IT and automobile companies in the neighbouring areas. These include mid-income localities and employees relocating to different cities due to jobs. The buyers are also the Non-resident Indians (NRIs), ensuring the balanced demand for large and premium housing units.”

CHENNAI: Chennai’s rental market witnessed several variations during the Nov 2012-Jan 2013 and Feb-Apr 2013 periods. The rental brackets of Rs 5,000-10,000 and Rs 10,000-15,000 were reported to be the most in demand at 32 and 31 per cent respectively during the Feb-Apr 2013 period.

COIMBATORE: As part of efforts to give a push to the micro industries, steps have been initiated for the establishment of a multi-storied industrial estate at Thirumazhisai near Chennai at a cost of Rs 20 crore, according to P. Mohan, Minister for Rural Industries, Government of Tamil Nadu.

A review by the collector’s office has found violations on a majority of plots allotted on lease in the suburbs. On plots where the lease has run out, violations have been detected in about 95% of the cases.

Marurai: Officials from the local planning authority (LPA) on Thursday sealed a multi-storeyed building in the city at Kalavasal that houses a retail supermarket, which was recently inaugurated. Official sources said that the building was constructed without adequate back space whereby rescue operations in case of emergencies would become difficult.

In a first, the Maharashtra Housing and Area Development Authority (Mhada) is planning to hold a second round of lottery for 2,450 under-construction flats around Diwali this year. The flats, which would be completed early next year, would be located in Virar, said Mhada vice-chairman Satish Gavai.

For Somesh Vaidya, who shifted to Virar from Borivili, it was a decision he would not regret. The area has excellent connectivity, more open space and social infrastructure is no less compared to the other suburbs. Another added advantage of buying property here is its easy accessibility to Mumbai via the Western Express Highway, which is just five kms from the area and the Metro is only in three kms. The roads are also constructed well and are in good shape.